The sectors of the luxury and chips they drive today the rebound of European stock markets, which archive a positive session while awaiting updates on monetary policy from ECB President Christine Lagarde, who should be on stage again later at the Davos forum. Paradoxically, however, the strength ofUS economy enthusiasm slowed down in the afternoon and earnings were slightly reduced when looking at the mixed performance on Wall Street.
Business Square closing with an increase of 0,84%, at 30.352 basis points, also thanks to purchases on the banks, once again in turmoil due to the possible recovery of the risk after rumors from Il Sole 24 ore on a hypothetical interest of Unicredit (+2,72%) up Pop from Sondrio (+ 2,25%).
In the rest of Europe Paris opens the dance with a progress of 1,13%, followed Frankfurt + 0,82% Amsterdam + 0,87% Madrid + 0,1% Zurich +0,41% and London + 0,18%.
The quarterly report of the Swiss giant gave greater impetus to the luxury sector Richemont (+10,82%), which boasts Cartier and Piaget among its brands. The accounts were higher than expected thanks above all to a massive increase in revenues in China, which is the market all the big names are looking at with interest. The results of Taiwan instead favored the recovery of the chip sector Semiconductor Manufacturing Company Limited (Tsm), which showed fourth-quarter earnings slightly better than market consensus.
Wall Street mixed and rates rising
Wall Street now moves in opposition: DJ -0,09% Nasdaq + 0,9% S & P500 +0,4%. The strength and resistance of the US economy, which emerges today from the weekly unemployment claims (at a 16-month low) and yesterday from the trend in Christmas spending, is curbing Fed enthusiasm and is weighing on bonds. THE T Bond today they also see falling prices and rising yields and the 4,115-year bond currently shows a rate firmly above XNUMX%. In the stock market though Apple (+1,8%) leads the tech recovery, after announcing the removal of the blood oxygen measurement function from two Apple Watch models to avoid the ban on their import imposed in the United States due to patent issues.
Returning to central banks, come on minute of the last ECB meeting it emerges that the board considers the current rates sufficiently restrictive for inflation to return to the target level, the risks ahead are many and justify a constant policy.
On the currency market the euro-dollar remains weak, with the single currency trading in the 1,086 area.
Oil growing, demand forecasts good
Il Petroleum recovers after yesterday's concerns, largely due to economic data from China. OPEC is reassuring the market, with forecasts of relatively strong growth in demand at a global level, estimates shared by the IEA. The cartel, in its latest monthly report, said global oil demand will increase by as much as 1,85 million barrels per day in 2025, reaching 106,21 million barrels per day. A boost to prices should also come from US production disruptions and geopolitical risks in the Middle East.
At the moment the March 2024 futures of Brent and Wti they are up by 1,1 and 1,55% respectively, for a price of 78,77 dollars and 73,6 dollars per barrel.
The February 2024 future also raises its head again natural gas in Amsterdam, +1,94%, 28,245 euros per MWh.
Piazza Affari, STM and banks doing well, Eni down
The top of the Piazza Affari list today is conquered by stm +3,69%, after a series of negative sessions.
Then the banks shine starting from Bper +3,54%, in a sector that is once again in fibrillation due to rumors regarding a recovery of Risk in the sector. In particular the Sun 24 hours believes that a large American investment bank is in the field for control of 10% of the capital of Popolare di Sondrio. The operation would have been created to encourage the rise of a large Italian bank, i.e Unicredit +2,63%, even if CEO Andrea Orcel said a Bloomberg is his bank is not buying shares of popular.
Banco Bpm +1,29% is also highlighted in the sector.
On the sales side of the price list, the most penalized stock of the day is Amplifon, -3,25%, follow Campari -1,82% Iveco -1,6% Telecom -1,43%.
Mark a small loss Eni -0,3%, after an indiscretion of Bloomberg according to which the Italian government is evaluating the sale of a stake of up to 4% in the six-legged dog, after the oil company has completed a buy back plan. The executive, adds the agency, aims to collect around 2 billion euros from the operation, as part of the privatization plan aimed at reducing public debt.
Rising rates
The ECB's prudence regarding a future easing of monetary policy weighs on Eurozone government bonds and rates consolidate the increases seen so far. The ten-year BTP remains at 3,9% (from 3,91% yesterday) and the Bund rises to 2,31% (from 2,27%), for one spread contracting to 159 basis points (-2,84%).
